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Frequently Asked Questions

Can I transfer money / issue cheques from my NRO savings account to NRE account?

Yes, you can transfer / issue cheques from your NRO savings account to your NRE account with 15CA/CB and declaration as per bank format.

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What deliverables do I get on opening NRO savings account?

You will get a personalized cheque book and Access India Debit Card on opening NRO savings account.

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Are these accounts taxable in India?

As per current guidelines, the principal amount in NRO savings account is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess).

However, on availing DTAA facility, the TDS rate applicable would be in range of 10-25% as per the country of residence based on the prevailing DTAA agreement from time to time

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At what frequency the rate of interest is calculated and payable in NRO savings bank account?

The rate of interest on your savings account is calculated on the daily closing balance maintained and payable on half yearly intervals on last day of September and March respectively.

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Can I have a joint account holder in my NRO savings account?

Yes, you can open NRO savings account with Non Resident Indians / Person of Indian Origins / Resident Indian as a joint holder.

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